Washington, D.C. – Speaker Nancy Pelosi released the following statement today on the economy’s contraction in the fourth quarter of last year. The nation’s gross domestic product shrank by 3.8 percent in the final quarter of 2008, which is the largest contraction since the steep recession of the early 1980s.

“This morning’s dire economic news underscores why Congress and President Obama are committed to rapid action to create new jobs and put our nation on more solid economic footing. We can expect months of economic fallout from the failed policies, and failure to address urgent challenges, of the last eight years.

“Only eight days after the President took the oath of office, the House passed the American Recovery and Reinvestment Act that will create and save 3 to 4 million jobs, cut taxes for 95 percent of American workers and make smart investments that will strengthen our economy for the long-term.

“In his Inaugural Address, President Obama pledged, ‘action, bold and swift…not only to create new jobs, but to lay a foundation for growth.’ Congress will deliver on the President’s pledge by quickly sending the American Recovery and Reinvestment Act to his desk.”